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But finally, there seems some light at the end of the tunnel — albeit off in the distance.

Under Jason Hernandez, promoted to GM in June 2023, the well-heeled franchise seems to have shed its penchant for expensive attempts at quick fixes (read Italians Lorenzo Insigne and Federico Bernardeschi). 

With 17 players on expiring contracts, with club options on all but veteran defender Kevin Long, he has room to manoeuvre. 

Forward Ola Brynhildsen, winger Theo Corbeanu and attacking midfielder Maxime Dominguez are all on loan to Toronto with 2025 salaries listed at US$1.63 million, $411,625 and $337,575, respectively, by the MLS Players Association.

All three, like most everyone else, are playing for their jobs.

"Everyone has a chance to put their best foot forward and make a case for why they should be a part of the project moving forward," said Hernandez.

The 41-year-old GM has been rebuilding a front office that lost talent as it slipped down the standings and went through a revolving door of coaches. He is restocking the franchise's supply of allocation money, which helps expand room under the league's salary cap.

"Our ability to capitalize on MLS mechanisms and continue to kind of grow our war chest is a big deal," he explained. "One, that if we wanted to take action in the summer (transfer) window, we have the flexibility and the ability to do so. And if not, and we wanted to sit on it for four or five months and now have a much bigger pile to pull from should we want to make additions in the off-season … having now extra resources to go in and actually get the guys that we want is going to be a good thing."

But only if you get the right talent.

It's early days but in acquiring Djordje Mihailovic as a designated player from Colorado on a transfer worth up to $9 million, Toronto appears to have secured a foundation for its rebuild. The 26-year-old U.S. international is a playmaker and goal-scorer with a long runway and knowledge of the league.

Hernandez calls Mihailovic TFC's "reference point."

"Now we understand actually what is the type of attacking pieces that would flourish with Djordje, what are some of the components around him that are needed to bring the best out of him."

That actually makes sense. As opposed to spending millions to force Italian square pegs into round holes. 

Hernandez is searching for another DP, with goals needed. While Fraser, a former two-time MLS Defender of the Year, has shored up the team's defence — despite a rash of injuries — TFC has just 26 goals in 25 games this season.

Fraser has made no secret of his admiration for Brynhildsen. But whether the 26-year-old Norwegian, hampered by injuries and lack of support, is the right No. 9 remains to be seen.

Mihailovic should help change that. 

Still TFC needs help everywhere, save in goal with veteran Sean Johnson and backup Luka Gavran.

Hernandez has said goodbye — even if reluctantly — to Jahkeele Marshall-Rutty and Tyrese Spicer, players unhappy with their playing time or pay. 

Defender Adam Pearlman and forwards Hugo Mbongue and Charlie Sharp have been sent out on loan, to earn experience, something the franchise seemed loathe to do under past regimes. Toronto has a history of developing young Canadian talent and then letting it wither on the vine.

Under Fraser, such players are getting a clear idea of what's needed from them.

Gavran, defender Kobe Franklin, midfielder Kosi Thompson and forward Deandre Kerr are valued members of the first team. Teenage defender Lazar Stefanović is one to watch for the future. 

Malik Henry, a 23-year-old midfielder, celebrated his first-team contract announced earlier in the day by setting up Kerr's 91st-minute goal in Toronto's 1-1 draw Saturday at high-flying Philadelphia.

Fraser celebrated the comeback against a team 29 points higher in the standings, admiring his players' refusal to quit.

Under Fraser, TFC has defeated San Diego and tied Vancouver and Minnesota, the top three teams in the Western Conference going into Sunday play. Add Philadelphia to that list.

"I felt like tonight, it wasn't just battling and fighting, but we found some quality with the ball, created a number of good chances and obviously created a very good goal," Fraser said Saturday.

Success isn't around the corner yet. But TFC appears headed in the right direction.

This report by °µÍø½ûÇø was first published Aug. 10, 2025.